Who the hell is buying ??, page-172

Hi guys, reading this I think that you guys missed my earlier post this morning. Have copy pasted.

Interesting article in the Australian yesterday. I don't have a link because I bought a paper as I'm on holidays but I will quote the important parts.

Firstly, the leak is from the banks. "One banking source suggested that slathers was still a top the whiteboard stage with its recapilisation plan and lenders were waiting for the firm to come up with a legitimate proposal."

"With slaters scrip now trading at ultra low levels, a d4e swap has largely fallen out of favour with lenders."

What options does that leave us?

"Slater and Gordon is also staring down two separate class actions and has until April 27 to file its defence and the cross claims it indicated it would file against other parties that advised it on its troubled acquisition."

"ACA lawyers principle Bruce Clarke said the group was continuing to pursue its class action against slater. One factor we are considering is the prospects of recoverability in the light of yesterday's announcement. Maurice Blackburn has been building a case against its rival class action outfit since December. We will continue to hold slater and Gordon to account, but this is a very complex case with multiple avenues of recovery, particularly in light of the fact that Slater and Gordon itself plans cross-claims against other parties which may include some of its advisers on the PSD acquisition, a Maurice Blackburn spokesman said".

So we are suing our advisers by the looks and if we are, expect an announcement before or at April 27. Slaters may get out of this by getting the advisors to compensate the shareholders.

There is no way the ca gets sorted out quickly. IF there is a chance of recovery, it should not be hindered by the ca's and if we are, hopefully the recovery is completed, if there is one. Does slaters still face a shareholder ca if it delights? If not, it looks to be the easiest way out for the company to survive, albeit that the shareholders were the only reason this beast has become as big a step it is.

The only upside surprise may be that nihl has kicked a bit but has been left out. Hopefully escrow can be sorted quickly because we are fast running out of options. Crappy numbers at 2h will be certain death.

Gltah.